Lotos IPO will be seen as an attractive risk by investors

Lotos wants to sell 35 million B series shares and raise as much as zł.1-1.1 billion from the issue, which it intends to spend on further development of the company. By 2009 Lotos plans to spend zł.5.3 billion on investments and only 35-45% of them will be financed from the company's own resources. Among the key investments identified by Lotos is a complex technical development of the refinery, which will cost around $900 million. Another zł.500 million will be earmarked for the development of the network of petrol stations, whose total will be expanded to 500. According to analysts, Lotos' IPO will prove very attractive for investors. They agree that Lotos will be perceived as a company with a large growth potential but also more risky than Orlen. The debut of Lotos on the Warsaw bourse is scheduled for the first half of June. (Puls Biznesu, pp. 1, 10) E.B.